BTG expects full-year revenues at 'top end' of guidance

Specialist healthcare company BTG said Thursday it expects full-year revenues at the 'top end' of it guidance following strong trading of the group's medical products.

The FTSE 250 business said the last three months have wielded positive results, particularly from acute care items.

The board anticipates revenues for the year to March 31st 2013 to reach the higher point of its estimate between £205m to £215m.

Financial results were boosted by operational progress including its interventional medicine business, according to BTG.

Last year BTG was granted approval in the US for its PARAGON Bead and PRECISION Bead products for the treatment of intrahepatic cholangiocarcinoma (cancer of the bile ducts) and uveal melanoma (eye cancer) respectively.

BTG is also seeking approval of Varisolve as a comprehensive treatment for varicose veins which will be submitted to the US Food & Drug Administration (FDA) within the next few days.

During the period, BTG made headway in partnered programmes. Zytiga received US and European label extensions to treat men with metastatic castration-resistant prostate cancer who have not received prior chemotherapy.

The FDA accepted a standard review of Sanofi and its subsidiary Genzyme's Biologics License Application for the approval of Lemtrada for the treatment of relapsing multiple sclerosis. A response to the application is expected in the second half of this year.

"We have continued to make excellent operational and financial progress and now expect full year revenues to be around the top end of previous guidance," said Chief Executive of BTG, Louise Makin.

"With the imminent submission of the Varisolve and the good progress in our beads business, we are on track with our strategic priorities and focused on executing our growth strategy."

Shares were up 4.02% to 333.40p at 08:49 Thursday.

RD